Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Nado−0.068%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.068%, 7d avg +0.019%

Together, before fees−0.030%+ Points / potential airdropNado: Active · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.088% cheaper against Nado than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ONDO-PERP	0.4384	0.0100	pay 0.0012% / 1h	44m 16s	$371K	$843K	10x
Short	Phemex ONDOUSDT	0.4381	0.0100	get 0.0050% / 4h	44m 16s	$4.2M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee NadobpFee PhemexbpOrdersPrice spread, now −0.068%Rate

Funding earned: $0
Price spread: −0.068% → +0.019%: −$8.77
Slippage, 4 orders: −$31.61
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.38
Costs to cover: 0.506%
Break-even: 6100644203480192.0 days

Slippage from Nado: live order book, 14 min ago; Phemex: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Nado live order book, 14 min ago	1.38 bp	8.3 bp −$8	20.4 bp −$204	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.59 bp	17.9 bp −$18	24.2 bp −$242	doesn't fit	doesn't fit

ONDO on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4382	−0.049%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4379	−0.113%	$2.6M	$7.9M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.197%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4381	−0.068%	$24K	$6K	10x	as long as short
Nado ONDO-PERPlong	+0.0100%	1h	0.4384	long leg	$371K	$843K	10x
Hyperliquid ONDO	+0.0100%	1h	0.4387	+0.071%	$37.6M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4383	−0.023%	$63.1M	$229.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4382	−0.046%	$69.3M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4382	−0.046%	$16.8M	$72.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4369	−0.342%	$72K	$84K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4381	−0.076%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4384	0.000%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4384	0.000%	$46.0M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4382	−0.046%	$12.7M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4382	−0.046%	$25.0M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4382	−0.046%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4383	−0.023%	$187K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4374	−0.235%	$709K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4369	−0.342%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4355	−0.652%	$402K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4370	−0.319%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4383	−0.023%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4381	−0.068%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4381	−0.068%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4390	+0.137%	$127K	$477K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4381	−0.068%	$4.2M	$7.8M	50x
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4375	−0.197%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4379	−0.117%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4381	−0.061%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0216%	4h	0.4384	0.000%	$737K	$2.4M	20x	as long as short
Lighter ONDO	+0.0224%	1h	0.4384	+0.002%	$1.1M	$2.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4384	−0.005%	$361	$2K	10x	as long as short
dYdX ONDO-USD	+0.0289%	1h	0.4371	−0.287%	$247K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.228%	$276K	$719K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4376	−0.182%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4377	−0.148%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0435%	1h	0.4382	−0.046%	$23K	$346K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4381	−0.070%	$520K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4384	−0.003%	$2K	—	20x	as long as short